Ask Question
3 November, 01:50

Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $60,000, and both partners agree to make up any capital deficits with personal cash contributions, Partner Macki will eventually receive cash of

+1
Answers (2)
  1. 3 November, 03:21
    0
    Partner Macki will eventually receive cash of $16,000

    Explanation:

    Macki has a $40,000 capital balance.

    Income and losses ratio for Macki is 2

    Total Income and losses ratio = 2 + 3 = 5

    Calculating for Macki

    Cash to be received by partner Macki

    = $40,000 * 2/5

    = $16,000
  2. 3 November, 03:42
    0
    Macki capital balance = $40,000

    Macki ratio = 2

    Income and losses ratio

    = 2 + 3 = 5

    Cash to be received by Macki as a partner

    = $40,000 * 2/5

    = $16,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Partners Ken and Macki each have a $40,000 capital balance and share income and losses in the ratio of 3:2. Cash equals $20,000, noncash ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers